Remember not so long ago when buyers were few (and picky) and sellers were plentiful (and desperate)? When everyone involved in the real estate industry longed for the "Good Old Days" of booming markets and bidding wars?

Well, we got our wish! And whaddya' know? Real estate is STILL a tough way to earn a living! Yes, even in a Crazy Market!

Sure, our challenges are different and in all honesty, it IS a lot more fun to work in an exciting market than in a stagnant one. But that doesn't mean it's easy!

In this first of what will likely be a multi-part series, I will have two successful SWS'ers who work in Crazy Markets in the studio with me to discuss the effective (and soulful) handling of Multiple Offers and Bidding Wars, from both the buyer and seller side of the transaction. We'll address issues such as:

As the Listing Agent...

... do you hold all offers until a set date and time?

... do you tell showing agents that there are multiple offers on the table?

... do you counter one offer, all offers or ask akk for a highest and best?

... how do you handle escalation clauses?

... how do you evaluate the offers and how do you help your sellers choose the right one?

... how do you keep the buyer agents calm? How much do you communicate with them during the submittal period?

... what do you think about “Love Letters?”

... do you take back-up offers?

... how do you keep your sellers from getting too cocky?

When representing the Buyer...

... how do you prepare your buyer for the possibility of a multiple offer situation?

... do your buyers typically believe you?

... how do you feel about your buyer waiving inspection or appraisal?

... have you found a way to avoid a bidding war situation?

... how do you keep your buyer upbeat and excited?

... how do you prevent buyer’s remorse?

If time permits, we'll delve into other dilemmas an agent in a Crazy Market gets to deal with, or (most likely) we'll schedule a follow-up show!